New Issue: CIBC prices $2.8 million digital notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, June 25 – Canadian Imperial Bank of Commerce priced $2.8 million of 0% digital notes due July 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is at least 70% of its initial level, the payout at maturity will be par plus 4.31% Investors will lose 1.4286% for each 1% index decline beyond 30%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$2.8 million
Maturity:	July 26, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least 70% of initial level, par plus 4.31%; otherwise, 1.4286% loss for each 1% decline beyond 30%
Initial level:	3,117.86
Buffer level:	70% of initial level
Pricing date:	June 22
Settlement date:	June 29
Agent:	CIBC World Markets Corp.
Fees:	1.09%
Cusip:	13605WZE4

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